$COIN - Overbought but ride has just started. Going to try to keep my thoughts simple. With alot of momentum growing in the crypto world it makes perfect sense to see NASDAQ:COIN get its latest pump, especially with BTC hitting 40k+. It is with no question that NASDAQ:COIN is in a overbought scenario as the RSI shows us. We closed today with a spike of above average red volume, leading to an indecision range day after a $10+ overnight gap.
Long term, i see NASDAQ:COIN hitting $200 easily. (Inverted H/S, Break of neckline) Are the confirmations that show us our bias.
Short term, due to the gap up and clear overbought scenario on the daily.. i want to see a pullback to the 9 daily ema. I dont predict the pull back to be extreme.. buyers are relentless and any significant dip can be expected to be bought.
Use proper risk management and enjoy the ride to $200 going into 2024. Cheers.